EMPLOYMENT GUARANTEE FUND (AMENDMENT) ACT, 1981

Definition.

Definition.

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1.—In this Act “the Act of 1980” means the Employment Guarantee Fund Act, 1980.

Amendment of section 4 (1) of Act of 1980.

Amendment of section 4 (1) of Act of 1980.

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2.—Section 4 (1) of the Act of 1980 is hereby amended by the substitution of“£20,000,000” for “£10,000,000” and that section, as so amended, is set out in the Table to this section.

TABLE

4.—(1) The Fund shall consist of—

(a) the proceeds of the employer's employment surcharge, and

(b) an amount not exceeding £20,000,000 (including moneys already paid into the Employment Guarantee Fund grant-in-aid account) out of moneys provided by the Oireachtas.

Amendment of section 7 of Act of 1980

Amendment of section 7 of Act of 1980

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3.—Section 7 of the Act of 1980 is hereby amended by the substitution of “£30,000,000” for “£20,000,000” in each place where that occurs and that section, as so amended, is set out in the Table to this section.

TABLE

7.—(1) Aggregate payments out of the Fund for the purpose specified in section 3 of this Act shall not exceed £30,000,000.

(2) The Fund shall be wound up when the aggregate expenditure from the Fund (inclusive of payments out of the Employment Guarantee Fund grant-in-aid account) reaches £30,000,000, and any balance remaining in or to the credit of the Fund shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister may direct.

Short title.

Short title.

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4.—This Act may be cited as the Employment Guarantee Fund (Amendment) Act, 1981.